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>> i think we will continue to raise taxes but not raise taxes $500 billion. >> while he tries to keep republicans in line, major unions have spent $300,000 targeting democrats hoping to stop any cuts to entitlement programs. >> congressional staffers met over the holiday week. they hope to meet w with the president in the coming week. they hope to have it rapid wrapd up by christmas. >>> jimihendrix has a new album coming out. rolling stones played a rare show in london. a look at the few songs. crisp night. leigh glaser is up next with the forecast. >> i'm mike shumann, 49ers rode the arms and legs colin kapernick. kapernick. monday night debut ♪♪ you can help othersnk along the way. ♪ ♪ a portion of every bottle that they sell goes to fight ♪ ♪ breast cancer and i think that's swell. ♪ ♪ the more you take, the more they'll pay, ♪ ♪ so make them write a big check today. ♪ ♪ and if you're feeling a little slow, ♪ ♪ then 5-hour energy will help you go. ♪ ♪ so buy a bottle of pink lemonade and ♪ ♪ you can help fight breast cancer today. ♪ >> ama: na
>> i think we will continue to raise taxes but not raise taxes $500 billion. >> while he tries to keep republicans in line, major unions have spent $300,000 targeting democrats hoping to stop any cuts to entitlement programs. >> congressional staffers met over the holiday week. they hope to meet w with the president in the coming week. they hope to have it rapid wrapd up by christmas. >>> jimihendrix has a new album coming out. rolling stones played a rare show in...
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rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the country's stock market into a freefall. our reporter is in cairo with the very latest. ayman, good morning. >> reporter: good morning. egypt's stock market opened for a second straight day, and it plunged already by 4%. now, that's already a day after it lost 10%, and officials there had to stop trading just to prevent it from declining any further. that's the economic turmoil this country finds itself in. there are tons of other political and social unrest unfolding across the egyptian capital, cairo. a short while from now, mourners are going to be prayi
rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the...
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. >> and he owes back taxes. >> i don't think with his past history he should be preaching at all. >> reporter: things got a little ugly here last month when the pastor showed up for his first day at the church, cloaked in his white robe and carrying a bible and some parishioners confronted him outside. >> basically told him you need papers. he did not have the papers. >> reporter: the commissioner say reporter for the san francisco post. >> there was a brief altercation. i don't know, shoving or hollering. >> reporter: the church says the issue is under congratulations. the reverend hunter has been back once since being kicked out. >> you know, what if he stays will it be awkward around here? >> definitely. in san francisco, cbs 5. >> a deadly weekend oakland pushes the number of homicides in the city to 115. that is 5 more than all of last year. the latest victim was found shot to death at 6:00 this morning. the police say they have little inforringmation on that double homicide and no suspects. there were two other killings on saturday. one was an 18-year-old women and the other a
. >> and he owes back taxes. >> i don't think with his past history he should be preaching at all. >> reporter: things got a little ugly here last month when the pastor showed up for his first day at the church, cloaked in his white robe and carrying a bible and some parishioners confronted him outside. >> basically told him you need papers. he did not have the papers. >> reporter: the commissioner say reporter for the san francisco post. >> there was a brief...
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for more than $100,000 in personal expenses and that he owed the irs more than there 300,000 in back taxes. >> and i don't think, you know, with his past history that he should be preaching. at all. >> reporter: things got a little ugly here last month when the pastor showed up for his first day at the church cloaked in his white robe and carrying a bible and some parishioners confronted him outside. >> and basically told him to present his papers. you have to have papers to take over the church. he did not have his papers. >> the parishioner is a reporter for the san francisco post. >> kind of hike a brief altercation, kind of a little shoving and hollering. >> reporter: the church says it is under consideration, the reverend has been back once since being kicked out. >> the what if he stays will it be awkward around here? >> most definitely but we are hoping that will not happen. >> reporter: back to you. >>> they are meant to alleviate traffic but some shuttle buses are causing traffic problems. how they are getting in the way of other people getting to work on time. >> i hope you enjoy
for more than $100,000 in personal expenses and that he owed the irs more than there 300,000 in back taxes. >> and i don't think, you know, with his past history that he should be preaching. at all. >> reporter: things got a little ugly here last month when the pastor showed up for his first day at the church cloaked in his white robe and carrying a bible and some parishioners confronted him outside. >> and basically told him to present his papers. you have to have papers to...
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. >>> back here at home, top republican lawmakers now say they'd be willing to break a no tax pledge to avoid the fiscal cliff. georgia senator saxby chambliss was among those on the sunday talk shows who said he'd be willing to reconsider raising taxes if democrats will cut spending. >> i will violate the pledge, long story short, for the good of the country only if the democrats agree to reform. >> the pledge signed 18 years ago is for that congress. the world has changed and the economic situation is different. >> now, congressional staffers met over the holiday weekend. and leaders intend to meet with the president this week. there are predictions it could be wrapped up before christmas. >> i like that optimism. >>> well, president obama is expected to announce this week a major reshuffling of his cabinet. u.n. ambassador susan rice will likely be the president's nominee to replace hillary clinton as secretary of state. on top of that, massachusetts senator john kerry is said to be the leading candidate to replace leon panetta at secretary of defense. >>> and we're also expected
. >>> back here at home, top republican lawmakers now say they'd be willing to break a no tax pledge to avoid the fiscal cliff. georgia senator saxby chambliss was among those on the sunday talk shows who said he'd be willing to reconsider raising taxes if democrats will cut spending. >> i will violate the pledge, long story short, for the good of the country only if the democrats agree to reform. >> the pledge signed 18 years ago is for that congress. the world has changed...
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. >> his power comes from this tax pledge. the last thing that he can afford to see more republicans peel off. if they do, then he can't get the next person to sign that pledge. >> tomorrow on "starting point" we're going to be talking to race car driver danica patrick and star of "pretty little liars." cnn newsroom with carols can to casse tell low begins now. >>> horror in bangladesh. two giant clothing factories there go up in flames. they might have made the clothes that are in your closet right now. thousands of workers protest the deaths of their colleagues. were safety warnings ignored? >>> republican rebellion? lindsey graham the latest lawmaker to buck a powerful gop lobbyist and his anti-tax pledge. we'll have the view from the edge of the so-called fiscal cliff. >>> one of the most recognizable voices in hollywood lends his voice to a pro-same-sex marriage ad. >> freedom, justice and human dignity have always guided our journey toward a more perfect union. now across our country, we are standing together for the rig
. >> his power comes from this tax pledge. the last thing that he can afford to see more republicans peel off. if they do, then he can't get the next person to sign that pledge. >> tomorrow on "starting point" we're going to be talking to race car driver danica patrick and star of "pretty little liars." cnn newsroom with carols can to casse tell low begins now. >>> horror in bangladesh. two giant clothing factories there go up in flames. they might have...
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otherwise taxes will go up and major taxes will be triggered. senators lindsey graham and saxby champ blins are suggesting they would be willing to break their no tax pledge to get a budget deal done. today is day six of the cease-fire between israel and hamas and delegations from both sides are in cairo to meet separately with representatives from egypt which helped broker the cease-fire along with the united states. hamas says the latest round of talks will focus on border crossings and easings of the economic blockade of gaza. >>> the bodies of a northern california couple have been recovered after they were swept out to sea trying to save their dog. the family was playing fetch with their dog north of eureka on saturday. the dog chased after a stick and got pulled into the ocean by eight to ten foot waves. the boy and his parents followed the dog into the water. >> horrible story. >> feeling lucky? no grand prize winner saturday night. the jackpot for wednesday's powerball drawing is up to $425 million. that number could go even higher depen
otherwise taxes will go up and major taxes will be triggered. senators lindsey graham and saxby champ blins are suggesting they would be willing to break their no tax pledge to get a budget deal done. today is day six of the cease-fire between israel and hamas and delegations from both sides are in cairo to meet separately with representatives from egypt which helped broker the cease-fire along with the united states. hamas says the latest round of talks will focus on border crossings and...
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exactly. >> it's not raising taxes. it is not raising the rate of taxes. it the is just cutting the -- the deduction for capping emissions on your jet. >> stephanie: i think the good news is the president has cut through that [ bleep ] he said if you come to me and say can we kind of do this and close the loophole and something that's not exactly a tax increase. he said no. we're wise to what you're talking about. >> that's the softening of rhetoric you're seeing on the right is in response to a president that now really has nothing to lose. so why not -- so why not at least try to sound reasonable, back off the radical positions. >> stephanie: yep. rudeness, are you delightful. as a post-holiday leftover or fresh. >> thank you. i'll be the stuffing in your turkey sandwich any time. >> stephanie: okay. all right then. all right. >> i'm glad nobody -- >> stephanie: i just made extra gravy. >> stephanie you won't ease miller! [ buzzer ] >> see what you made -- did to me rudeness? >> wow. >> stephanie: what's that about? >> you said it! >> stephanie: i don't
exactly. >> it's not raising taxes. it is not raising the rate of taxes. it the is just cutting the -- the deduction for capping emissions on your jet. >> stephanie: i think the good news is the president has cut through that [ bleep ] he said if you come to me and say can we kind of do this and close the loophole and something that's not exactly a tax increase. he said no. we're wise to what you're talking about. >> that's the softening of rhetoric you're seeing on the right...
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gains tax rate. you know what all of it is? all of it is about can they govern? can they govern? can we be governed? can the people in washington, d.c., in the house and the senate and the president, can they govern? >> they have to. >> well, they have to. they absolutely have to. >> just to make a point for those who thought that the health care reform law was historic, many people -- i actually assume that most of the five people at this table think that it's a shocking thing that america is the most powerful country on earth before the health care law was passed, had a massive number of many, many millions of uninsured people in the country when every other industrialized country has universal coverage. >> right. we do all agree with that, right? >> one of the more historic things, it's going to move millions of uninsured people into the ranks of the civilized world. >> and as the president promised, also not only is he going to put 30 million people on the rolls for health care, it's also going t
gains tax rate. you know what all of it is? all of it is about can they govern? can they govern? can we be governed? can the people in washington, d.c., in the house and the senate and the president, can they govern? >> they have to. >> well, they have to. they absolutely have to. >> just to make a point for those who thought that the health care reform law was historic, many people -- i actually assume that most of the five people at this table think that it's a shocking...
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some say i want to make more taxes and do not raise taxes. [talking over each other] >> walgreen's is saying we want to make investments to create jobs. what you guys in washington d.c. are going to do, what is coming down the road from you and we had this debate about john boehner basically saying we got to put obamacare -- [talking over each other] liz: putting obamacare into the fiscal cliff negotiations so for two large drugstore chains to say you got to get going. gerri: interesting to see if he derail everything. liz: they have a seat at the table. is not political. it seems to me when you read what they say it is not like they are saying we want a voice in what is going on. there saying our custome are concerned. of course it is a revenue problem. shoppers and consumers are not coming in because ey're worried about the fiscal cliff. gerri: all singing the with one voice. interesting to see if anybody hears that. thanks for coming on. appreciate it. guess what else has joined the fiscal liftoff? the federal gas tax, special interests in
some say i want to make more taxes and do not raise taxes. [talking over each other] >> walgreen's is saying we want to make investments to create jobs. what you guys in washington d.c. are going to do, what is coming down the road from you and we had this debate about john boehner basically saying we got to put obamacare -- [talking over each other] liz: putting obamacare into the fiscal cliff negotiations so for two large drugstore chains to say you got to get going. gerri: interesting...
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from it it's sold there are age limits but what has been the result is that for every dollar in taxes the united states receives from legal alcohol or tobacco it costs us ten dollars in social costs so we don't need to legalize something to make it to control it we can actually keep it illegal so that we don't have big industry promoting it to kids but at the same time we also don't need to throw everybody in jail for small amounts of use so i don't live in this world where it's black or white you know we go to jail or it's legal we can do better than that ok pete if i go back to you i mean we haven't said which is not a war against our own people but the level of incarceration the united states is extraordinary that is a war on a population that at least in one sense well i was again i think we can use words in lots of ways i think. the problem is that you have in latin america today a norm is level of violence and killing at that people believe is related to the drug war whether it is or not whether kevin is right that legalizing marijuana in a few states is not going to have any ef
from it it's sold there are age limits but what has been the result is that for every dollar in taxes the united states receives from legal alcohol or tobacco it costs us ten dollars in social costs so we don't need to legalize something to make it to control it we can actually keep it illegal so that we don't have big industry promoting it to kids but at the same time we also don't need to throw everybody in jail for small amounts of use so i don't live in this world where it's black or white...
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. >> i would be very much opposed to raising tax rates, but i believe we can close a lot of loopholes. >> reporter: and democrats say just closing loopholes and cutting deductions isn't enough. >> we have to raise additional revenues and tax rates on the wealthy. >> reporter: in any deal, republicans insist on big cuts to entitlement programs like medicare and social security. susan mcginnis, cbs washington. >>> today it's stay at home and shop. cbs 5 cate cauguiran in the news room with cyber monday. good morning. >> we can expect cyber monday discounting to be equally competitive. what's new this year, the explosion of shoppers one and four will be using mobile devices to get the best deal. that's nearly double from last year and it trend that's expected to continue. retailers are anticipating about 129 million consumers to show from their offices to today. cyber monday is proving technology is a game changer for the shopping industry. >> online retailers have made great strides in making it very easy for people to return things, paste on shipping labels, free shipping and returns.
. >> i would be very much opposed to raising tax rates, but i believe we can close a lot of loopholes. >> reporter: and democrats say just closing loopholes and cutting deductions isn't enough. >> we have to raise additional revenues and tax rates on the wealthy. >> reporter: in any deal, republicans insist on big cuts to entitlement programs like medicare and social security. susan mcginnis, cbs washington. >>> today it's stay at home and shop. cbs 5 cate...
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with some tax increases. but i think that those making over 250,000, those families are going to bear the brunt of all this. i know that everybody enjoys their mortgage deduction. peter barnes, thank you very much. it's good to see you. >> thank you. >> black friday weekend, breaking records all over the place. will cybermonday do the same? after getting a bad beating in the election, the grand old party may be trying to reinvent itself. the new face of the gop and we have answers next. i'm only in my 60's... i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at options. then i got a medicare supplement insurance plan. [ male aouncer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it helps pick up
with some tax increases. but i think that those making over 250,000, those families are going to bear the brunt of all this. i know that everybody enjoys their mortgage deduction. peter barnes, thank you very much. it's good to see you. >> thank you. >> black friday weekend, breaking records all over the place. will cybermonday do the same? after getting a bad beating in the election, the grand old party may be trying to reinvent itself. the new face of the gop and we have answers...
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let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in percentage. let's have a flat tax, lou. let's take the president at his word. if you make more you will pay more and this is the only way that that is going to happen. >> lou: you know, i believe the speaker boehner, perhaps the president himself may have been talking to you, talking to steve forbes and others who talked about the possibility of reforming the entire tax code. that could -- >> this is a great time. you know, the kind of time... and, not only that, let's don't forget the last time that the senate had a budget, it was when harry reid worked with his friend, speaker pelosi and nobody in the 2008 budget complained that it wasn't spending enough money. let's go back to 2008. $2.5 trillion, and cuts off a trillion in spending, right there. >> lou: there are all sorts of ways to get there, as you suggest h
let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in percentage. let's have a flat tax, lou. let's take the president at his word. if you make more you will pay more and this is the only way that that is going to happen. >> lou: you know, i believe the speaker boehner,...
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tax issue. if you are a small business owner and you have a gadget to sell out of your garage and you work hard, you don't the money to comply with the different state laws across the country. whatever you call them. >> bob: we are not alone. a lot of republican governors are for taxing the internet. >> eric: in new jersey, i believe you don't pay sales tax on clothes. add sales tax on clothes there? >> brian: absolutely. >> eric: that is because you're from new york. >> dana: it should be fair. should you tax food? chocolate or not? it goes on and on. >> bob: if you talk about fair, how is it fair that people that go to the brick and mortar stores that pay taxes and other people on the internet don't. >> dana: we will explain it in the break. we have to go. major power grab in egypt. susan rice blames the intel community. the anti-muslim video that we talk, he will speak for the first time. the foreign policy roundup is next. in [ male announcer ] are you considering a new medicare plan? then y
tax issue. if you are a small business owner and you have a gadget to sell out of your garage and you work hard, you don't the money to comply with the different state laws across the country. whatever you call them. >> bob: we are not alone. a lot of republican governors are for taxing the internet. >> eric: in new jersey, i believe you don't pay sales tax on clothes. add sales tax on clothes there? >> brian: absolutely. >> eric: that is because you're from new york....
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>> -- a millionaire's tax. is that what democrats are looking at? >> there are fantasies in both camps. on the one side, it is raising their rates on everybody who makes $250,000 will solve the problem. and the other side is the program that charles outlined. and then there is a third fantasy that the lobbying class in washington, which is much stronger than ever before, will simply be dead and not do anything to try to keep the loopholes they now have, or the preferences day out. >> will the democrats agree to a higher -- above $250,000? >> i do want to make a note aboutcharles's statement one half of washington being liberal. i thought that was a concession. >> if i were to think about the groupies, it would be three- quarters. >> we will talk about the groupies in the military later. i do want to say that nina is absolutely right. the reality is that you cannot do this painlessly. at the same time, all of the tribute that charles paid, and so deservedly so, to the reagan- o'neill plan had an element to that was truly an acceptable to every conser
>> -- a millionaire's tax. is that what democrats are looking at? >> there are fantasies in both camps. on the one side, it is raising their rates on everybody who makes $250,000 will solve the problem. and the other side is the program that charles outlined. and then there is a third fantasy that the lobbying class in washington, which is much stronger than ever before, will simply be dead and not do anything to try to keep the loopholes they now have, or the preferences day out....
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cbo says middle class tax cuts are imperative, not ohioer income tax cuts. that's a fact. >> i think it's very possible and i think what has to happen now is that the republicans, many who say they're no longer listening to grover cleveland, at least not bound by his pledge, now need to listen to the electorate and the electorate has spoken. they say address the cliff. do so by extending middle class tax cuts but not those for upper income tax pairs becauyers -- >> i'm sure you were being cheeky there. listen, the issue, though, is that the spirit of our problem long term is too much spending. historically, you raise the taxes, then the spending cuts don't happen. and then what does that mean? that means future generations, like the ones today, are now facing higher taxes because of spending cuts that never came. what do you say to folks who say, if we raise taxes now, in the end you guys will never cut? >> because there will be some spending cuts in -- addressing the cliff. the budget control act, we did cut spending. we know it has to be done. first we hav
cbo says middle class tax cuts are imperative, not ohioer income tax cuts. that's a fact. >> i think it's very possible and i think what has to happen now is that the republicans, many who say they're no longer listening to grover cleveland, at least not bound by his pledge, now need to listen to the electorate and the electorate has spoken. they say address the cliff. do so by extending middle class tax cuts but not those for upper income tax pairs becauyers -- >> i'm sure you were...
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we have just heard from the city tax collector's of bureau of revenue. they are filing this legal action. they confirm the city is going to go after the los angeles dodgers for reimbursement in the treatment of bryan stow. the giants fan who was severely beaten outside of a dodgers game. to help pay for the four months of care it treated stow's injury. the city attorneys have asked a bankruptcy judge to add san francisco to those seeking damage from the team's insurer. this is a bankruptcy issue because the team filed chapter 11. this was a controversy. the city says this is not unusual, but standard practice to go after unpaid bills. it is taking all steps to protect the city's interests. stow and his family is suing the team frin the amount of $50 million. the amount needed for a lifetime of care. reporting live outside san francisco city hall, bob redell, nbc bay area news. >>> now to the south bay. citizens will have a say on who will be the next san jose police chief. city leaders will hold a community meeting tonight to gather input from neighborho
we have just heard from the city tax collector's of bureau of revenue. they are filing this legal action. they confirm the city is going to go after the los angeles dodgers for reimbursement in the treatment of bryan stow. the giants fan who was severely beaten outside of a dodgers game. to help pay for the four months of care it treated stow's injury. the city attorneys have asked a bankruptcy judge to add san francisco to those seeking damage from the team's insurer. this is a bankruptcy...
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taxes on the wealthy. democrats are still trying to keep some entitlement programs out of negotiations. >> social security set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program. >> reporter: distance from a deal still evident, even amid signs the gap between lawmakers is closing. lawmakers say they'll not only get a deal done before the year is out, they may have a compromise before christmas. i'm danielle leigh, nbc news. >>> meanwhile that fiscal cliff is making investors wary this morning. for a look at how futures are trading, we turn things over to kate at cnbc headquarters. kay kayla, good morning. >> reporter: good morning to you. much optimism was over the strength of retail sales and black friday. investors will be keeping an eye on the geopolitical tensions in the middle east and that ongoing fiscal cliff and the talks continuing in washington. we get economic reports this week on durable goods, consumer confidence and new and pending
taxes on the wealthy. democrats are still trying to keep some entitlement programs out of negotiations. >> social security set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program. >> reporter: distance from a deal still evident, even amid signs the gap between lawmakers is closing. lawmakers say they'll not only get a deal done before the year is out, they may have a compromise before christmas. i'm danielle leigh, nbc...
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. >>> next we are going drive dive in to look at what traders are expecting from congress' talks on taxes and spending. we'll be right back. wy 0a> c9?'epp$? >>> matt is the man with cmz trading. what is going on this week between the two bickerers factions. what are you and traders in again looking for? >> well, i think it would be great if we knew that hay, we have a deal going forward. these are the terms. this is how it is going to affect the economy and we can start to look at that 6789 but you know, even though we had the nice press conference last week where everyone said hey,er going to work together. >> the market has not had a huge sell off. there have been some indication that is people are worried. >> well, i think that you have a few factors going on. you have to "fiscal cliff" and people are getting tired of the warnings but it is a real big deal. nobody quite knows what is going to happen. so you have got a push and pull and i will say through this whole thing, we have seen not a lot of panic, the puts are very cheap. so, i think that there is reason to be you know cautious
. >>> next we are going drive dive in to look at what traders are expecting from congress' talks on taxes and spending. we'll be right back. wy 0a> c9?'epp$? >>> matt is the man with cmz trading. what is going on this week between the two bickerers factions. what are you and traders in again looking for? >> well, i think it would be great if we knew that hay, we have a deal going forward. these are the terms. this is how it is going to affect the economy and we can...
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equity. >> it was an issue of tax equity. it was very important to his base that he get the rates up. he's got to go to virginia where eric cantor has to face re-election in two years. >> he's wobbling. >> and you've got to keep the pressure on. because the cross-pressure on people like cantor and boehner. he's going to have to keep the pressure on them. >> there's a bunch of them out there, have a little rally. >> florida. he should be going to florida, ohio. these are states where republicans said they were going to win and they lost and the president has a strong argument to make right now which is, just fresh off his victory, this is what he didn't have in his first term. the fiscal cliff allows him to make an argument -- >> ladies, 47% of the country voted for country. only 1% gets the benefit of all of these tax cuts. >> i know. >> that's 46% that can steal from the other side. >> thank you. happy holidays. you're coming around this time of year. it's a nice time of year. >>> when we return, the republican assumption th
equity. >> it was an issue of tax equity. it was very important to his base that he get the rates up. he's got to go to virginia where eric cantor has to face re-election in two years. >> he's wobbling. >> and you've got to keep the pressure on. because the cross-pressure on people like cantor and boehner. he's going to have to keep the pressure on them. >> there's a bunch of them out there, have a little rally. >> florida. he should be going to florida, ohio....
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expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> the top republican on the senate budget chel explained the g.o.p. plan to bring in mo
expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the...
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its taxes for everybody. you cannot bring down the debt with a $5 trillion in your accumulated over the last four years to pay it down. you need structure readjustment with the entitlements, also, with social security, medicare, medicaid, also, and, also, the tax reform. the republicans have talked about revenue coming in from growth jobs and getting the economy going. when you get the economy going, you get more money coming into the irs and treasury/ when more americans are at work, they are paying. i don't believe it -- it is , woodymr. norquist said, it is a pledge to the people. some of those senators wanting to raise -- wanting not to raise taxes, that pledge, they knew what would happen to them, they would get run out of state. first i want to see president obama's cards on the table. host: jerry is up next in st. charles, missouri. good morning. caller: one of the things i would like to talk about is the waste in government. i see it continuously in ads on. on a completely off as far as a meter for yo
its taxes for everybody. you cannot bring down the debt with a $5 trillion in your accumulated over the last four years to pay it down. you need structure readjustment with the entitlements, also, with social security, medicare, medicaid, also, and, also, the tax reform. the republicans have talked about revenue coming in from growth jobs and getting the economy going. when you get the economy going, you get more money coming into the irs and treasury/ when more americans are at work, they are...
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tax-exempt bonds sound good when taxes are going up but the value of the bonds have been bit up because panic buying is pushing our interest rates go up. you'll lose a lot of principle on munis bonds. if you buy one today you have a 1% to 2% chance to the upside and a 40% chance of losing money. that's not good odds. run away from interest rate-sensitive bonds. that's my number one, you know, tip of the day, if you want to call it. stay away from that. >> the takeaway from ed. thank you for joining us, stewart. a pleasure. >>. >> 12 minutes before the closing bell. right now the dow jones industrial average is lower by 54 points. nasdaq higher by 70 point. >> violent protests in egypt are one of the many hot spots around the globe affecting our markets. we'll round off all of them and find out how they are affecting your money coming up next. >>> plus, one top democrat says members of his party threatening to jump off the fiscal cliff. they say, do it already! he says that's a business mistake. sandra levin joins us from capital to tell us why he thinks it's a baddied. working since i w
tax-exempt bonds sound good when taxes are going up but the value of the bonds have been bit up because panic buying is pushing our interest rates go up. you'll lose a lot of principle on munis bonds. if you buy one today you have a 1% to 2% chance to the upside and a 40% chance of losing money. that's not good odds. run away from interest rate-sensitive bonds. that's my number one, you know, tip of the day, if you want to call it. stay away from that. >> the takeaway from ed. thank you...
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when you throw in the higher state taxes in cities and states promising millionaire tax hikes, not just affecting if millionaires. that brings us to 60%. that is 15 points higher. this isn't specious math. this is logical math. courtesy of the republican strategy hellbent on ignoring that for fear of getting it on rates. the republicans risk being snookered by the democrats who know the opponent's number. blinded in the grand old quest to keep rates moving up, they don't see the other side just taken them to cleaners. we are going to debate this tonight. you can watch other choices. but you can still watch him and watch me. i am a nice appetizer then. that's how i look at it. appetizer. if you did online shopping i'd be a good buy. you know a lot about the cyber bye. >> demand it! >> no. >> you were shopping. >> i was not. not doing anything. >> you were. >> was not. >> that is a laptop.
when you throw in the higher state taxes in cities and states promising millionaire tax hikes, not just affecting if millionaires. that brings us to 60%. that is 15 points higher. this isn't specious math. this is logical math. courtesy of the republican strategy hellbent on ignoring that for fear of getting it on rates. the republicans risk being snookered by the democrats who know the opponent's number. blinded in the grand old quest to keep rates moving up, they don't see the other side just...
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. >> i would be very much opposed to raising tax rates. but i do believe we can close a lot of loopholes. >> reporter: and democrats say just closing loopholes and cutting deductions isn't enough. >> you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. >> reporter: in any deal, republicans insist on big cuts to entitlement programs like medicare and social security. now taxes are getting all the attention right now but these talks also need to address the federal debt limit. it's set by law at $16.4 trillion. the nation is already approaching the national debt of $16.3 trillion. nobody wants a repeat of that summer standoff we went through last year. >> certainly so. susan mcginness in washington this morning, thank you so much. >>> while washington is worried about the fiscal cliff it appears the average american is looking to spend. the holiday shopping season got started in record fashion thanksgiving night and the spending spree lasted through the weekend. according
. >> i would be very much opposed to raising tax rates. but i do believe we can close a lot of loopholes. >> reporter: and democrats say just closing loopholes and cutting deductions isn't enough. >> you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. >> reporter: in any deal, republicans insist on big cuts to entitlement programs like medicare and social security. now taxes are getting...
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the white house is saying, if these tax cuts go away for the middle class and taxes rise and the amt patch goes away and taxes rise on the middle class, it would dramatically slow growth in gdp next year and would mean $200 billion less in consumers' pockets. what is this right out of the white house report? this reduction of $200 billion is approximately four times the total amount of the 226 million shoppers they spent on black friday weekend last year. they're trying to show you just how important all that money is in the economy if you have those taxes rise on the middle class. it's really, john, the latest from the white house. it comes on the same day warren buffett writing in the "new york times" in an op-ed saying rich is $500,000 a year, and let's tax them. let's have a 30% minimum tax for the income above $1 million of rich people. look what he said here. the "forbes" 400, wealthiest individuals in america hit a new group record. $1.7 trillion, more than five times the $300 billion total in 1992. he says you know, my gang has done pretty well. so leave the middle class alon
the white house is saying, if these tax cuts go away for the middle class and taxes rise and the amt patch goes away and taxes rise on the middle class, it would dramatically slow growth in gdp next year and would mean $200 billion less in consumers' pockets. what is this right out of the white house report? this reduction of $200 billion is approximately four times the total amount of the 226 million shoppers they spent on black friday weekend last year. they're trying to show you just how...
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minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other aspects of the federal budget. whether we're worried about the regulation of our food safety, whether we're worried about our borders being secure, whether we're worried about fbi being supported, it's all affected by sequestration. >> joining me now, cnbc washington reporter eamon javers. you heard the numbers we just ran down. what is the short-term t
minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government...
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take the alternative minimum tax. if the inflation index isn't advanced for that and i believe republicans and democrats want to do it, 23 million middle class americans will have a 2,000 to 3,000 dollars tax increase on that alone. >> let me interrupt you for a second. i was making this point a little earlier when you start talking about these financial things, you know, the i don't want so say minutia but the more specifics of the negotiations and what the numbers mean and the two different sides will tell you that the numbers are different, it is kind of hard for the average person on who doesn't have an mba to figure out what's going on here. >>> john mccain is suggesting the republican party should focus on bigger issues and leave abortion alone. during an interview yesterday the senator said while he is proud of his pro-life position, there are bigger things to worry about like the economy and national security. police are admitting they missed a potentially key piece of evidence in the casey anthony murder inve
take the alternative minimum tax. if the inflation index isn't advanced for that and i believe republicans and democrats want to do it, 23 million middle class americans will have a 2,000 to 3,000 dollars tax increase on that alone. >> let me interrupt you for a second. i was making this point a little earlier when you start talking about these financial things, you know, the i don't want so say minutia but the more specifics of the negotiations and what the numbers mean and the two...
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what's the one tax rate going up january 1st that no one's talking about? the payroll tax. remember that? it was cut from 12 to 10%. i gather the republicans have no problem -- i don't know -- but letting working class and middle class americans have a 2% tax increase. that's not currently the republican position that the payroll tax cut should be extended. they're happy to let it go because god forbid they cut entitlements for wealthy seniors. we have a collusion among the elites of both parties. the one tax that goes up january 1, if there's a deal s payroll tax, which i think is wrong. republicans have a opportunity to be champions of the working class. >> kirsten, some democrats are saying let's go over the cliff. everybody's tax rates are going to go up and then the president in january can go to congress and say now it's 39.6% and whatever it is for middle class and i'll present a plan that will cut the tax rates of 98% of people, are you prepared now, when the rate is already up, to oppose that? >> the problem with that plan is it's dangerous because we don't know ho
what's the one tax rate going up january 1st that no one's talking about? the payroll tax. remember that? it was cut from 12 to 10%. i gather the republicans have no problem -- i don't know -- but letting working class and middle class americans have a 2% tax increase. that's not currently the republican position that the payroll tax cut should be extended. they're happy to let it go because god forbid they cut entitlements for wealthy seniors. we have a collusion among the elites of both...
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instead of not raising taxes let's just talk about how much we're going to raise taxes, so it appears for the most part now conservatives are looking at changing some of the things they talked about and pledged when they were running for office and look this is a bigger issue to me. it is not necessarily about grover norquist or a pledge and what you run on as you head to congress. some of these speeches and we have all heard them and been to the rallies. they make promises that are virtually impossible to keep and that's the problem with the governance, the mind of not moving the ball forward in the current congress. you can't make promises you can't keep. these types of i will never do this and always do that, that's a bad way to start things off and you're seeing that now because they're having to change the rhetoric. >> i want to play sound from grover norquist. let's play it and i want to talk to you about it on the other side. take a listen. >> no pledge taker has voted for a tax increase. you have had people discussing impure thoughts on national television. we would highlight
instead of not raising taxes let's just talk about how much we're going to raise taxes, so it appears for the most part now conservatives are looking at changing some of the things they talked about and pledged when they were running for office and look this is a bigger issue to me. it is not necessarily about grover norquist or a pledge and what you run on as you head to congress. some of these speeches and we have all heard them and been to the rallies. they make promises that are virtually...
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from taxes. but you are also right that there has to be transparency and there has to be accountability in terms of what is paid for. often we say, let's go and look at the kind of well-rounded education kids have and private schools. but the other thing is that public schools -- it is our moral obligation. what we're seeing is that kids have special needs, we have to pay more for education for kids the special needs. guest: president of the american federation of teachers. she was elected in july of 2008 following 11 years as a vice president. she has experience in the law and also teaches at clara barton high people in crown -- high school in crown heights. our next caller is keen on the democrat line. good morning. we actually have jim now from wisconsin, caller: indepen. caller: i would like to ask randi weingarten, first of all, she is from new york, if i remember. teachers to sit in classrooms and they do not have students -- they get paid. that is because of the unions. about an author who
from taxes. but you are also right that there has to be transparency and there has to be accountability in terms of what is paid for. often we say, let's go and look at the kind of well-rounded education kids have and private schools. but the other thing is that public schools -- it is our moral obligation. what we're seeing is that kids have special needs, we have to pay more for education for kids the special needs. guest: president of the american federation of teachers. she was elected in...
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the atm tax is going to get a patch. we know we're going to see benefits given to our -- unemployment benefits given and veteran benefits gimp. it seems like this year we have a nice new fun name. i know you hate it steesh, but the fiscal cliff. we put that scary name on it as if that's going to motivate our elected officials. all i see is a press release them saying they're going to fight for us and until the end of the day they're not going to do anything until we see a nice countdown clock. >> as per zblushl but the republicans need that clock more than the democrats do, don't they? >> they do. the fact is we need to find a path way to yes and i think the sooner we do it the better it is politically to move off. >> yeah. no. i mean i was just going to say, republicans -- the problem here for republicans is they're trying to get off this 22-year rae fusal to raise taxes, and think to cut any kind of a deal, they almost -- even if the deal -- the parameters are in place they have to go to the very edge. we held out as l
the atm tax is going to get a patch. we know we're going to see benefits given to our -- unemployment benefits given and veteran benefits gimp. it seems like this year we have a nice new fun name. i know you hate it steesh, but the fiscal cliff. we put that scary name on it as if that's going to motivate our elected officials. all i see is a press release them saying they're going to fight for us and until the end of the day they're not going to do anything until we see a nice countdown clock....
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the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because notre dame beat southern cal. >> my poor step dad. he is not so happy this morning. >> i don't care about him. >> let me continue on the issue of taxes because this is important. and as i say, it's going to be the defining issue. you hear republican saxby chambliss say it's not going to govern what i do. norquist saying he promised the people of georgia that he would reform the government rather than raise taxes. where do you stand on the pledge? can this be overcome? with revenues be raised? >> first of all, i agree with chambliss. a pledge you signed 20 years ago, 18 years ago, is for that congress. for in
the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because...
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reform and spending cuts over the raising of taxes. here is the senate republican leader on what the g.o.p. is offering. >> without compromising our principles we put skin in the game and recognition to the fact while democrats don't run this town, neither do we. we have been responsible even as we remain firm on this point. no tax increases now for promised spending cuts that you will not materialize later. the american people have seen that game before. they won't be fooled again. >> house republicans are planning to bring in on wednesday a number of c.e.o.'s of caterpillar, goldman sachs and all state and other key players on fiscal includes including erskine bowles co-author of the simpson-bowles and the republicans want the business community to hear their ideas and make the case a big deal should include spending cuts and reforms. >>shepard: thank you, mike, from capitol hill. grover norquist will join neil cavuto next hour and talk about breaking the anti-tax pledge by some republicans. >> the generation leader who brokered the
reform and spending cuts over the raising of taxes. here is the senate republican leader on what the g.o.p. is offering. >> without compromising our principles we put skin in the game and recognition to the fact while democrats don't run this town, neither do we. we have been responsible even as we remain firm on this point. no tax increases now for promised spending cuts that you will not materialize later. the american people have seen that game before. they won't be fooled again....
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some republicans saying they are now willing to break that pledge of no new taxes. david kerley at the white house tonight. >> reporter: with some shopping done, president obama may be getting a gift from some republicans, republicans who signed a pledge never to raise taxes. this morning on abc news, a leading senator. >> i will violate the pledge. long shory short, for the good of the country if democrats will do entitlement reform. >> reporter: and pete chambliss says he will not abide by the pledge. support from a vocal house member too. >> i agree. a pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed and the economic system is different. >> reporter: they are talking about that man's pledge, americans for tax reform president grover norquist who has hundreds of republicans signed. >> do you feel you are under assault? >> no. it allows elected officials to make it clear openly to voters where they stand. are they going to be able to perform in government of raising taxes. >> reporter: norquist's threat that he will help fund
some republicans saying they are now willing to break that pledge of no new taxes. david kerley at the white house tonight. >> reporter: with some shopping done, president obama may be getting a gift from some republicans, republicans who signed a pledge never to raise taxes. this morning on abc news, a leading senator. >> i will violate the pledge. long shory short, for the good of the country if democrats will do entitlement reform. >> reporter: and pete chambliss says he...
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not tax rates but revenue. here's two senators in interviews over the last two days. >> i agree we shouldn't raise rates but i think grover is wrong whether it comes to we can't cap deductions and buy down debt. what do you do with the money? i want to buy down debt and cut rates to create jobs but i will violate the pledge, long story short, for the good of the country, only if democrats will do entitlement reform. >> i'm not obligated on the pledge. i made tennesseens aware. i was just elected. i made aware the only thing i'm honoring is the oath i take when i'm sworn in this january. >> both of these senators are saying they aren't going to be browned by grover norquist from americans for tax reform. this is an issue bigger than norquist. the republican party has positioned itself as the smaller government, anti-tax party. but they've lost an election and it appears that republicans in the senate will see about the house, already to give some ground. >> john, thank you. that's good news. looks like at least
not tax rates but revenue. here's two senators in interviews over the last two days. >> i agree we shouldn't raise rates but i think grover is wrong whether it comes to we can't cap deductions and buy down debt. what do you do with the money? i want to buy down debt and cut rates to create jobs but i will violate the pledge, long story short, for the good of the country, only if democrats will do entitlement reform. >> i'm not obligated on the pledge. i made tennesseens aware. i was...
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simplifying the tax code, keeping those marginal tax rates low. let's not create a worse in the distortions that already exist in the tax code. dagen: great to see you. take care. we will see you soon. connell: there it is. closing loopholes with norquist. we consider that a tax hike. dagen: lindsey graham. you made the point. loud and clear. a lot of people backing off. connell: backing off the pledge. people will be losing their benefits at the end of the year if congress does not act now. dagen: the money game for the holidays. americans are sitting at their computer screens, not working, looking for the perfect gift. take a look at oil. see where it is trading today. oil is at $87 a barrel. connell: eight quarter past the hour. we will have stocks now as we do every 15 minutes. nicole: we are at our session lows of the day. we certainly had a nice run up last week. over a 100-point game. we are losing about 100 points. i just checked on the dow jones industrials. twenty-eight of the names out of 30 were in the red. intel and caterpillar were t
simplifying the tax code, keeping those marginal tax rates low. let's not create a worse in the distortions that already exist in the tax code. dagen: great to see you. take care. we will see you soon. connell: there it is. closing loopholes with norquist. we consider that a tax hike. dagen: lindsey graham. you made the point. loud and clear. a lot of people backing off. connell: backing off the pledge. people will be losing their benefits at the end of the year if congress does not act now....
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tribes would feud with one another spilling out of the seaboard approach to in the and resulted in the tax on india. so the british found themselves pooled into the gulf during the 1800's. not to colonize it to maintain order. they did with the relatively small amount of military force. but you are right. up through the early 1870's was one of british hegemonic control over the persian golf. the aftermath of rope or two with the independence of india that the british brigade at -- began their retrenchment with the independence of india, the british lost the rationale for their military presence and their lost the money to pay for their presence there. >>host: did the americans step in because of the vacuum or because they were asked? >> the story of british control shepherding over the golf plays itself out over 20 years. in 1968 the british announced the impending withdrawal in three years the americans initially said in very it explicit terms will not replace the british. the january 1968 announcement came during the same month as the ted offensive and there was no interest anywhere on c
tribes would feud with one another spilling out of the seaboard approach to in the and resulted in the tax on india. so the british found themselves pooled into the gulf during the 1800's. not to colonize it to maintain order. they did with the relatively small amount of military force. but you are right. up through the early 1870's was one of british hegemonic control over the persian golf. the aftermath of rope or two with the independence of india that the british brigade at -- began their...
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should taxes go up. the discussion is how do you do it? >> exactly. and, listen, i think that to the extent we are just talking right now, i don't think that talking hurts. but should this become -- should this come in play, little there will be a lot of people on the left who will not be very happy. i think in some ways it is apples and oranges. i think what you're hearing is we will do this, however, you need to do the separate thing over there. i don't think social security has anything to do with it. >> let's talk raw numbers here. at the end of the day you have to find 218 house members. and in the past john boehner has said and, oh, by the way, his election is after the fiscal cliff. that happens a couple days after the fiscal cliff. so all of this maneuvering is complicated. to get to 218 he has said he wants a majority of the majority, which is approximately 120 republicans, so then you have to find some nearly 100 democrats to do this as well, and if that has social security and medicare in it,
should taxes go up. the discussion is how do you do it? >> exactly. and, listen, i think that to the extent we are just talking right now, i don't think that talking hurts. but should this become -- should this come in play, little there will be a lot of people on the left who will not be very happy. i think in some ways it is apples and oranges. i think what you're hearing is we will do this, however, you need to do the separate thing over there. i don't think social security has...
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the mandate is to raise taxes. there was no mandate from the voters to tinker with social security and tinker with medicare, but at some point the president's going to put that on the table, and the question will his base let him do it? >> let me switch gears a bit. i want to ask you about senator john mccain. he, of course, has been very critical about the potential nomination of u.n. ambassador susan rice to be secretary of state, something that hasn't happened yet. he appeared to strike a more conciliatory tone over the weekend. i'm going to play two statements for you, john mccain a few weeks ago and john mccain yesterday and ask you about it on the other side. >> we will do whatever is necessary to block the nomination that's within our power as far as susan rice is concerned. >> i think she deserved the ability and the opportunity to explain herself and her position, just as she said. >> chuck, very quickly, is this a very significant change? >> reporter: it is and it tells you something that a lot of people
the mandate is to raise taxes. there was no mandate from the voters to tinker with social security and tinker with medicare, but at some point the president's going to put that on the table, and the question will his base let him do it? >> let me switch gears a bit. i want to ask you about senator john mccain. he, of course, has been very critical about the potential nomination of u.n. ambassador susan rice to be secretary of state, something that hasn't happened yet. he appeared to...